Wednesday, April 15, 2009

Since first showing it's new sedan model, Tesla Motors Inc. has already taken 711 reservations at $5,000 a pop. The model S sedan, due out in late 2011, will cost about $57,500 each, although owners will be eligible for a $7,500 tax credit, cutting the cost to about $50,000.

Tesla’s sedan will have a range from 160 miles to 300 miles depending on the battery pack. Other, longer-range batteries will cost more, but the company hasn’t said how much. Recharging the sedan takes 45 minutes, depending on the power supply where it’s plugged in.

The popular demand for the model that is still a couple of years from hitting the market adds up to $3.5 million for the company (although the $5,000 reservation fees are refundable).